According to The Australian Financial Review, the Reserve Bank had some good news for the Sydney market on Friday, declaring a "strong bounce-back" in auction rates and listings returning to normal levels.
While housing prices in most capital cities have declined a little since May, the rising equity market meant household wealth remained largely unchanged, despite the deep recession caused by the coronavirus pandemic.
"The modest decline in established housing prices at the national level, and the partial recovery in financial asset prices such as equities since March, mean that household wealth was broadly unchanged in the June quarter and increased a little over the past year," the RBA's statement of monetary policy issued on Friday said.
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